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THine Electronics swings to loss in Q1

THine Electronics Inc. said its first-quarter normalized net income amounted to a loss of ¥10.97 per share, compared with ¥8.52 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥115.6 million, compared with income of ¥90.0 million in the prior-year period.

The normalized profit margin fell to negative 18.3% from 11.7% in the year-earlier period.

Total revenue declined 18.0% year over year to ¥633.0 million from ¥772.0 million, and total operating expenses fell 5.9% on an annual basis to ¥689.0 million from ¥732.0 million.

Reported net income totaled a loss of ¥129.0 million, or a loss of ¥12.24 per share, compared to income of ¥89.4 million, or ¥8.47 per share, in the year-earlier period.

As of May 12, US$1 was equivalent to ¥108.72.